The move has sparked fears that Rangers could be heading for administration again.

But, when asked about the share issue in his pre-match press conference ahead of today's visit of Queen of the South, McCoist declined to comment, saying he wished to focus only on football matters.

The manager remains hopeful of signing new players ahead of the transfer deadline at the end of the month, but concedes transfer activity may prove difficult.

He said: "I'm ready to be busy, I don't know if I expect to be busy.

"In the current climate, I wouldn't imagine there is a lot of money to spend on players and bring wages in.

"Without being told I have to get people out to get people in, I would imagine it would be pretty difficult to bring people in at the moment."

The Stock Exchange was told the Ibrox club hopes the latest share issue will help "rebuild and re-establish Rangers as a stable, sustainable and successful business".

It was also revealed that the club "expects to raise between £20million and £30million" over the next three years with the open offer an "important planned part of this fund-raising strategy".

The club will offer 19,864,918 new ordinary shares at 20p each and the open offer is not underwritten.

McCoist has been satisfied with Rangers' start to the season, after recovering from defeat to Hearts to win their last four games.

He said: "I've been fairly happy with the way things have started.

"The disappointing result was the Hearts result at home when we lost the goal in the 93rd minute.

"I think the form has certainly picked up, but we always look to improve."

Belfast Telegraph

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